Steadfast Capital Management Lp Lowers stake in Level 3 Communications (LVLT)

Level 3 Communications (LVLT) : Steadfast Capital Management Lp reduced its stake in Level 3 Communications by 14.38% during the most recent quarter end. The investment management company now holds a total of 5,906,029 shares of Level 3 Communications which is valued at $293,706,822 after selling 991,993 shares in Level 3 Communications , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Level 3 Communications makes up approximately 7.54% of Steadfast Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Balyasny Asset Management reduced its stake in LVLT by selling 472,507 shares or 68.75% in the most recent quarter. The Hedge Fund company now holds 214,743 shares of LVLT which is valued at $10,679,169. Level 3 Communications makes up approx 0.08% of Balyasny Asset Management’s portfolio.Parametric Portfolio Associates reduced its stake in LVLT by selling 4,296 shares or 0.72% in the most recent quarter. The Hedge Fund company now holds 591,699 shares of LVLT which is valued at $29,425,191. Level 3 Communications makes up approx 0.04% of Parametric Portfolio Associates’s portfolio.Cornerstone Financial Partners reduced its stake in LVLT by selling 3,805 shares or 13.96% in the most recent quarter. The Hedge Fund company now holds 23,458 shares of LVLT which is valued at $1,155,776. Level 3 Communications makes up approx 0.40% of Cornerstone Financial Partners’s portfolio.Strs Ohio reduced its stake in LVLT by selling 2,559 shares or 0.37% in the most recent quarter. The Hedge Fund company now holds 695,104 shares of LVLT which is valued at $36,597,226. Level 3 Communications makes up approx 0.16% of Strs Ohio’s portfolio.Louisiana State Employees Retirement System reduced its stake in LVLT by selling 300 shares or 1.55% in the most recent quarter. The Hedge Fund company now holds 19,000 shares of LVLT which is valued at $1,000,350. Level 3 Communications makes up approx 0.05% of Louisiana State Employees Retirement System’s portfolio.

Level 3 Communications opened for trading at $49.52 and hit $49.83 on the upside on Thursday, eventually ending the session at $49.73, with a gain of 0.20% or 0.1 points. The heightened volatility saw the trading volume jump to 22,65,074 shares. Company has a market cap of $17,879 M.

On the company’s financial health, Level 3 Communications reported $0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.45. The company had revenue of $2056.00 million for the quarter, compared to analysts expectations of $2078.64 million. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS.

Many Wall Street Analysts have commented on Level 3 Communications. Level 3 Communications was Upgraded by MoffettNathanson to ” Buy” on Aug 24, 2016. Level 3 Communications was Downgraded by JP Morgan to ” Neutral” on Jul 28, 2016. Level 3 Communications was Initiated by Pacific Crest to “Sector Weight” on Jul 25, 2016.

Level 3 Communications Inc. is a provider of a range of integrated communications services. The Company’s operating segments include North America includes operations in Georgia Colorado Florida Canada New York Arizona Pennsylvania Michigan and Oklahoma; Europe includes operations in England Ireland The Netherlands and France; The Latin America includes operations in Colombia Argentina Venezuela Peru Ecuador Chile and Brazil. The Asia or Pacific includes operations in China Singapore and Japan. The tw telecom inc. (tw telecom) is an indirect wholly owned subsidiary of the Company. The Company offers services which includes core network services and wholesale voice services. It offers products which include core network services including transport and fiber services colocation and data center services IP and data services managed services cloud and IT services voice services and wholesale voice services including voice termination and toll free.

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